Interest rate update - July 2022

Recently the RBA announced an increase to the cash rate.

Interest rate update - July 2022

As a customer-owned bank, we carefully consider the needs of all our customers to ensure we make a balanced decision for both our loan and deposit customers.

The tables below show some of the rate changes that we will be making to our savings, deposit and loan products.

Rates will change on Tuesday 19 July for all saving and deposit accounts*, and Thursday 21 July for loan products.

Customers with a home loan will be notified either electronically or in writing with any adjustments required for repayments. Any changes to new repayments will be effective from Wednesday 24 August 2022.

Term deposit holders will be notified of the new rates when they receive their renewal notice.

Home loans

From Thursday 21 July, Beyond Bank’s advertised Standard Variable Interest Rates will be as follows:

 

Current Advertised Rate (% p.a.)

Change (% p.a.) New Advertised Rate as at 21 July 2022 (% p.a.)

Owner Occupier Principal and Interest

5.20

0.50

5.70

Investment Principal and Interest

5.49

0.50

5.99

Investment Interest Only

5.79

0.50

6.29


From Thursday 21 July, Beyond Bank’s advertised Standard Total Home Loan Package Variable Interest Rates will be as follows:

 

Current Advertised Rate (% p.a.)

Change (% p.a.)

New Advertised Rate as at 21 July 2022 (% p.a.)

Owner Occupier Principal and Interest

4.40

0.40 4.80

Investment Principal and Interest

4.60 0.40 5.00

Investment Interest Only

4.85 0.40 5.25

 

Current savings accounts

From Tuesday 19 July, Beyond Bank’s advertised Savings Accounts Interest Rates will be as below.

*NB. These changes are related to the June RBA rate change, with further updates from the July RBA rate change to be announced in the near future.

Purple Bonus Saver Account

Tier

Current Bonus Rate (% p.a.)

New Bonus Rate (% p.a.)

Change (%p.a.)

$0 - $200,000

0.65

1.00

0.35

$200,000 +

0.00

0.00

No Change

 

MonEsaver

Tier

Current Rate (% p.a.)

New Rate (% p.a.)

Change (% p.a.)

$0 - $4,999

0.30

0.50 0.20

$5,000 - $199,999

0.40

0.60

0.20

$200,000 +

0.45

0.70

0.25

 

Community Reward Account

Tier

Current Rate (% p.a.)

New Rate (% p.a.)

Change (% p.a.)

$0 - $4,999

0.25

0.40

0.15

$5,000 - $199,999

0.30

0.50

0.20

$200,000 +

0.35

0.60

0.25

 

Retirement Account / Everyday 55 Account (Grandfathered) 

Tier

Current Rate (% p.a.)

New Rate (% p.a.)

Change (% p.a.)

$0 - $4,999

0.01

0.25

0.24

$5,000 - $48,599

0.30

0.50

0.20

$48,600 +

0.50

0.65

0.15


BU Account

Tier

Current Rate (% p.a.)

New Rate (% p.a.)

Change (% p.a.)

$0.00 + 

0.90

1.25 0.35

 

 

Grandfathered savings accounts

These grandfathered accounts rates apply to existing accounts. These accounts are no longer available as a new product. 

From Thursday 19 July, Beyond Bank’s advertised Grandfathered Savings Accounts Interest Rates will be as follows:

*NB. These changes are related to the June RBA rate change, with further updates from the July RBA rate change to be announced in the near future.

Bonus Saver Account / Bonus Saver Youth

Tier

Current Base Rate (% p.a.)

Current Bonus Rate (% p.a.)

Total Rate (% p.a.)

New Base Rate (% p.a.)

New Bonus Rate (% p.a.)

New Total Rate (% p.a.)

Change (%p.a.)

$0 - $4,999

0.01

0.29

0.30

0.01

0.49

0.50

0.20

$5,000 +

0.01

0.49

0.50

0.01

0.69

0.70

0.20

 

Double Interest Saver

Tier

Current Base Rate (% p.a.)

Current Bonus Rate (% p.a.)

Total Rate (% p.a.)

New Base Rate (% p.a.)

New Bonus Rate (% p.a.)

New Total Rate (% p.a.)

Change (%p.a.)

$0 - $4,999

0.15

0.15

0.30

0.25

0.25

0.50

0.20

$5,000 +

0.25

0.25

0.50

0.35

0.35

0.70

0.20


Christmas Club

Tier

Current Rate (% p.a.)

New Rate (% p.a.)

Change (% p.a.)

$0 +

0.25

0.50

0.25

 

Junior Saver Account

Tier

Current Rate (% p.a.)

New Rate (% p.a.)

Change (% p.a.)

$0 +

0.90

1.25

0.35

 

 

Term Deposits

From Thursday 19 July 2022 Beyond Bank’s advertised Term Deposit Interest Rates will be as follows:

Term Deposit - Standard Rates
Term Interest Paid Tier Current (% p.a.) New (% p.a.) Change (% p.a.)
3 Months Maturity $2,000-$49,999 0.95 1.20 0.25
$50,000-$199,999 1.00 1.25 0.25
$200,000 plus 1.00 1.25 0.25
6 Months Maturity $2,000-$49,999 1.20 1.45 0.25
$50,000-$199,999 1.25 1.50 0.25
$200,000 plus 1.25 1.50 0.25
9 Months Maturity $2,000-$49,999 1.45 1.95 0.50
$50,000-$199,999 1.50 2.00 0.50
$200,000 plus 1.50 2.00 0.50
12 Months Maturity $2,000-$49,999 2.20 2.45 0.25
$50,000-$199,999 2.25 2.50 0.25
$200,000 plus 2.25 2.50 0.25
12 Months Monthly $2,000-$49,999 2.10 2.35 0.25
$50,000-$199,999 2.15 2.40 0.25
$200,000 plus 2.15 2.40 0.25
24 Months Annually $2,000-$49,999 2.90 2.90 No Change
$50,000-$199,999 2.95 3.00 0.05
$200,000 plus 3.00 3.00 No Change
24 Months Monthly $2,000-$49,999 2.80 2.80 No Change
$50,000-$199,999 2.85 2.90 0.05
$200,000 plus 2.90 2.90 No Change
36 Months Annually $2,000-$49,999 2.90 2.90 No Change
$50,000-$199,999 2.95 3.00 0.05
$200,000 plus 2.90 2.00 No Change
36 Months Monthly $2,000-$49,999 2.80 2.80 No Change
$50,000-$199,999 2.85 2.90 0.05
$200,000 plus 2.90 2.90 No Change
48-60 Months Annually $2,000-$49,999 2.90 2.90 No Change
$50,000-$199,999 2.95 3.00 0.05
$200,000 plus 3.00 3.00 No Change



We’re here to help

Beyond Bank has more than 275,000 customer-owners. 21,000 have loan accounts and 16,000 hold term deposits. Because our customers own the bank, all monies generated by the organisation are reinvested into the business to provide products and services and maintain the bank’s strong capital position.

We are very mindful of cost-of-living pressures and their impact on people today, and that interest rates can have a significant influence on this. We will always take an approach based on working with our owner-customers in a caring and supportive way.

If you need assistance with your loans, please call 13 25 85, option 2 to speak to our specialist team.

For general tips and resources for your financial wellbeing, please visit beyondbank.com.au/financial-wellbeing.html

 

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